International Financial Reporting Standards

Uncommon card · No. 192657

International Financial Reporting Standards (IFRS) are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing a company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with publicly listed shares or securities. IFRS have replaced many different national accounting standards around the world but have not replaced the separate accounting standards in the United States, where US GAAP is applied.

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